China's Manufacturing PMI unchanged in April

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Friday, May 01 2015

China's official manufacturing Purchasing Managers' Index (PMI) came in at 50.1 for April, slightly above the 50.0 forecast, but still signaling the world's second-largest economy is struggling to maintain momentum. While the reading, which remained steady from March, indicates manufacturing is stalled, it was still above the key 50 line separating growth from contraction. Last week, the flash HSBC China manufacturing PMI for April dropped to 49.2 from March's final reading of 49.6; April's final reading is due next week.

Non-manufacturing PMI slipped to 53.4 in April from 53.7 in March. China's economy has been slowing for some time, battling a weak external environment, sluggish domestic demand and a slowing property sector. That's spurred concern about the potential for bad debts to pile up as well as concerns Asia's growth engine might sputter.

After the data Aussie was pushed lower, but managed to rebound and is currently being traded around 0.7830 area. Pair is likely to find support around 0.78 handle and resistance above 0.7950 level. Later today, in the US session, Manufacturing PMI figures are scheduled for a release.

More in this category: « Unemployment Claims at the lowest level since 2000 Australian PPI rose by 0.5% »

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